Class notes
Lecture notes the foundations of marketing
- Course
- Institution
- Book
This document includes the lecture noted of the course Foundations of Marketing.
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
Marketing Management - lecture notes
-
BUSI 2204 - Chapter 4 Summary - Marketing, ISBN: 9781292146508
-
BUSI 2204 - Chapter 5 Summary - Marketing, ISBN: 9781292146508
Seller
Follow
AnnabellevdPutten
Reviews received
Content preview
2019/2020Foundations of Marketing
LECTURE NOTES
LECTURER: MR. HARRIS
BOOK USED (PICTURES): INTRODUCTION TO MARKETING BY GARY ARMSTRONG, PHILIP KOTLER
,Foundations of marketing
LECTURER: MR. HARRIS
BOOK USED (PICTURES): INTRODUCTION TO MARKETING BY GARY ARMSTRONG, PHILIP KOTLER 1
Lecture 1
CHAPTER 1
What is marketing
Marketing is engaging customers and managing profitable customer relations.
Goals of marketing:
Attract new customers by promising superior value
Keep and grow current customers by delivering satisfaction.
Forms of marketing
Traditional Contemporary
Making a sale. Satisfying customer needs.
Abundance of products in the nearby Imaginative Web sites and mobile
shopping centres. phone apps, blogs, online videos, and
Television, magazine and direct-mail social media.
ads. Reach customers directly, personally,
and interactively.
Understanding the Marketplace and Customer needs
Five core customers and marketplace concepts:
o Needs (products that you can’t function without, marketers can’t create this), wants
(Marketers can make you wants, specific satisfier of a need) and demands (a want
supported by buying power (students demand Housing, free transportation, low
interest loans)
o Market offerings, what marketers offer to you in terms of products and services
o Value and satisfaction, one gets from its purchases. It may cause you to keep buying
it.
o Exchanges and relationships, If you keep on buying a certain product or service from
a certain brand you create a relationship with the company. You exchange money or
credit for products or services.
o Markets, is a group of people, people with a comment demand.
Figure 1.2 – A Modern Marketing System
1
Gary Armstrong, Philip Kotler, and Marc Oliver Opresnik, Marketing: An Introduction, Global Edition, 2019.
, Foundations of marketing
Designing a Customer Value-Driven Marketing Strategy
Marketing management orientations
o Production concept, quantity
o Product concept, quality is important
o Selling concept, promotion & advertising, can sell anything
o Marketing concept, looking at the customer before/after making a product
o Societal marketing concept, doing the right thing for society
Figure 1.4 - Three considerations underlying the societal marketing concept
Bad news affects sales
This figure shows that companies should balance three considerations in setting their marketing
strategies: company profits, consumer wants, and society’s interests.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller AnnabellevdPutten. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for CA$10.52. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
71184 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now